The party yesterday confirmed plans to slash the starting point for paying 45p tax from £150,000 to £80,000, dragging 1.3 million people into a tax band that was designed for the super-rich.

Senior teachers, police officers and doctors will all be caught up in the tax raid.

Labour also confirmed it will look at replacing council tax with a ‘land value tax’ targeted squarely at those with more valuable properties.

In a manifesto launch speech riddled with the language of class politics, party leader Jeremy Corbyn announced plans to reinstate the controversial 50p top tax rate on all those earning more than £123,000.

Senior teachers, police officers and doctors will all be caught up in the tax raid announced by Labour leader Jeremy Corbyn, pictured

He said Labour was justified in extracting ‘a little more’ from the ‘tight-fisted’ rich, adding that the cash raised would help fund the party’s plans for increasing health spending.

The Institute for Fiscal Studies last night warned that the income tax plans were unlikely to raise anything like the £4.5 billion a year claimed by Mr Corbyn.

The independent think-tank said it was even possible the policy would ‘raise nothing’ if the better-off chose to put more into their pensions, cut their working hours or even decided to emigrate.

Labour’s proposals would mean annual tax rises of £1,000 for those earning £100,000 a year.

Those earning £150,000 would pay an extra £5,245 in income tax, while those on £200,000 would pay an additional £7,925.

The plans would also mean that those earning between £100,000 and £123,000 – the level at which the personal allowance is clawed back – would face marginal tax rates of 67 per cent.

This would leave them paying two-thirds of every extra pound they earn in income tax.

Tory candidate Andrew Bridgen said Labour’s tax plans smacked of a return to the 1970s, when marginal tax rates of more than 90 per cent sparked a ‘brain drain’ of talented individuals.

At its manifesto launch, pictured, the party yesterday confirmed plans to slash the starting point for paying 45p tax from £150,000 to £80,000

Labour leader Jeremy Corbyn, pictured, announced plans to reinstate the controversial 50p top tax rate on all those earning more than £123,000

He said: ‘Labour appear to have learned nothing from the experience of Francois Hollande who put up taxes and crashed the economy, leading to entrepreneurs decamping abroad, many of them to London.

'The better-off are mobile. At the moment we need fences to keep people out of this country – if Corbyn gets in we’ll need them to keep them in.’